Decisions on Bank Applications
FEDERAL DEPOSIT INSURANCE CORPORATION
RE: ShoreBank, Detroit, Detroit, Michigan
Application for Federal Deposit Insurance (Bank Insurance Fund)
The Commissioner of the Financial Institutions Bureau for the State of Michigan has advised the Federal Deposit Insurance Corporation that OmniBank. River Rouge, Michigan, an insured state member bank, may be closed on April 9, 1998. because of the bank's inability to meet the demands of its depositors.
In anticipation of such closing, and following a competitive bidding process. ShoreBank, Detroit, Detroit, Michigan, a proposed de novo state member bank has applied, pursuant to Section 5 of the Federal Deposit Insurance Act, for federal deposit insurance in the event OmniBank is closed by the Commissioner of the Financial Institutions Bureau for the State of Michigan.
The undersigned, acting, under authority delegated by the Board of Directors of the Federal Deposit Insurance Corporation, has fully considered all available facts and information relevant to the factors of Section 6 of the Federal Deposit Insurance Act relating to the application for federal deposit insurance filed on behalf of ShoreBank, Detroit, and has concluded that the application should be approved.
Accordingly, IT IS HEREBY ORDERED, that the application submitted on behalf of ShoreBank, Detroit, for federal deposit insurance be and is hereby approved,
Dated at Washington, D.C., this 9th day of April 1998.
Nicholas J. Ketcha Jr.
Division of Supervision